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The American investment firm Grayscale has released a report asserting that Bitcoin no longer correlates with gold, and its short-term fluctuations are influenced by technology stocks.
Grayscale analyst Zach Pandl characterized cryptocurrencies as high-risk assets that investors tend to buy during periods of excitement. When fear arises in the market, they quickly liquidate their crypto holdings, causing cryptocurrencies to decline instead of “absorbing the shock” and maintaining their levels like gold does.
According to him, many traders do not view Bitcoin as a safe investment capable of withstanding market pressures. Over the past year, the price of the leading cryptocurrency has followed the trends of software development stocks, indicating expectations for their growth. If those stocks decline, investors become cautious about Bitcoin, withdrawing funds from the cryptocurrency, the analyst explained.
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Last week, on February 5, Bitcoin dropped to $60,000—over 50% lower than its peak above $126,000 in October 2025. Pandl noted that the price of the leading cryptocurrency fell almost in sync with technology stocks due to investor concerns that artificial intelligence could replace traditional software services.
Nevertheless, the analyst claims that Bitcoin has not yet fully realized its potential and possesses several long-term attributes that could make it a reliable store of value. Primarily, this is the supply capped at 21 million coins, which should help maintain the cryptocurrency’s value even as demand increases. Given Bitcoin’s decentralization, it may be more appealing to investors than traditional currencies controlled by central authorities.
Pandl suggested that in the future, the leading cryptocurrency could earn the title of “digital gold,” although he noted that currently, Bitcoin’s price fluctuations do not closely correlate with gold and other precious metals. In recent months, while gold and silver have shown significant growth, Bitcoin has behaved differently. However, Pandl is not surprised by this, as Bitcoin is still in its infancy compared to gold.
Gold has served as money for thousands of years and was the foundation of the monetary system until the early 1970s. Governments and central banks continue to hold this precious metal as one of the largest reserve assets globally. In contrast, Bitcoin has only existed for 17 years and is still proving its viability as a global monetary asset, concluded the Grayscale analyst.
Previously, Grayscale projected the development of the crypto industry by 2026, listing factors that could drive the growth of cryptocurrencies. The company estimates that by 2030, the market for tokenized assets could expand by 1,000 times.
